Securing an Office Lease
Office leases are legally binding contracts between you (the tenant) and the Landlord - so they're not something to be taken lightly when planning your forthcoming office relocation. Professional advice should be sought from a Tenant Rep Broker who will start the negotiations with the landlord and make sure the terms are favorable from a tenant's perspective. Then you'll need to get the Office Lease approved with a Real Estate Lawyer who will scrutinize the contract to ensure your legal interests are protected throughout the term of the lease.
Before securing an office lease, ask yourself the following questions:
- Is the office leasing period sufficient enough to meet my growing business needs?
- Could any of the obligations set out within the lease potentially harm or disrupt my business?
- Will the upkeep and maintenance of the property and common areas be regular and maintained to a good standard?
- What are the other charges outlined within the office lease (in addition to the rent) and can I financially afford to commit to them throughout the term of the lease?
- Has everything that's been verbally agreed with the Landlord accurately reflected within the Office Lease?
- What is the financial health of the Landlord?
- What other properties do they own?
Office Lease Top Tips:
It's worth negotiating the inclusion of a break clause; allowing you flexibility to end your agreement before the date of expiry. Avoid over-stretching yourself; both in terms of how much rent you're paying and the length of your office lease.
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